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Top 10 Tips for Saving Money on Flood Insurance

No matter who you are or where you’re from, there’s a good chance you like saving money. While there are certain things it makes no sense to cut corners on — such as flood insurance — it’s still possible to be properly covered while still being able to set aside some money for something more enjoyable. How can you find out if you qualify for savings? And if so, how can you get started?

10 Ways To Save Money on Flood Insurance

1. Get your elevation certificate.

The elevation certificate is a document that indicates your property’s location, building characteristics, flood zone designation, and the elevation of its lowest level. By looking at this information, you can assess your property’s flood risk. This, in turn, is used by flood insurance agents to calculate your premiums. The document is issued by the National Flood Insurance Program (NFIP), which is managed by the Federal Emergency Management Administration (FEMA).

2. Have your certificate reviewed by a civil engineer.

Sometimes, there are errors in your property’s elevation certificate. This could be for several reasons — environmental factors affecting your flood risk, an incorrect Base Flood Elevation (BFE), or otherwise outdated information. We have been able to save our clients thousands of dollars by reviewing their elevation certificates.

3. Find out if grandfathering applies to you.

If environmental factors have indeed changed the flood risk in your property’s location, you may be eligible to get a flood insurance quote as rated in the earlier flood zone. At National Flood Experts, we’ve helped our clients get up to six years of excess flood insurance premiums refunded through grandfathering.

4. Install flood venting.

Venting is a flood mitigation option for properties where the first living floor is elevated — such as those with a crawl space or a garage. It consists of installing openings along the walls of the lowest level to allow floodwaters to flow through. If your property is elevated but lacks proper venting, your flood insurance rate is determined by the lowest level of the structure, even if it’s the ground or just a concrete garage.

5. Flood-proof your property.

This option is available only for commercial properties. It consists of removable waterproof systems you can install around your building before a flood risk. It’s designed to stop floodwaters from damaging your property, and it can cut your insurance premium by up to 90%.

6. Find out if you qualify for a flood zone removal.

Over 50% of FEMA’s flood zone maps are either outdated or include incorrectly zoned properties. This is because when they research flood zones, they do it by neighborhood — not property by property. If you are currently in an A or AE zone, you could potentially have your property moved to an X zone and not be required to carry flood insurance anymore. You could also qualify for preferred rates.

7. Bring in fill material.

Sometimes, it can be more cost-effective to elevate your entire structure to reduce your annual flood insurance premiums. This would make financial sense if your property has experienced repetitive losses, was built out of code compliance, or if you have to pay exorbitant flood insurance costs.

8. Increase your deductibles.

Just like with any type of insurance, increasing your deductibles will lower your monthly or annual premium if you’re comfortable with higher out-of-pocket costs if a flood does occur.

9. Look for private insurance options.

While many property owners purchase their flood insurance through FEMA’s National Flood Insurance Program (NFIP), private flood insurance is available in most situations and can often provide a significant difference in premium costs over NFIP.

10. Shop around.

Finding a knowledgeable insurance agent is crucial to saving you money on your flood insurance premium. They will take into account all of the steps listed above and work with your best interest in mind.

We Can Help You Save Money on Flood Insurance

At National Flood Experts, we can help you with all of these options. We can obtain a copy of your elevation certificate, review it, file paperwork to remove your home or business from a flood zone, or help you determine flood mitigation options as well as find private insurance rates. Our insurance department gives you access to around 20 private flood insurance companies. Contact us and see what we can do for you.

3 thoughts on “Top 10 Tips for Saving Money on Flood Insurance

  1. I appreciate your advice about seeking the certification of a licensed civil engineer for the elevation of our home. I’ll be sure to connect with one later after class to lessen the stress of my mom from applying for flood insurance. I do hope that we get approved after applying for that insurance because it has benefits that will greatly help my mom since she has to pay a lot of bills aside from this.

    1. Wish I had seen your response sooner. We have staff engineers and are happy to do an Elevation Certificate if you need it.

  2. I’m looking to get more information on grandfathering of flood insurance on my property.

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